An offshore bank is a bank located outside the country of residence of the depositor, typically in a low tax jurisdiction (or tax haven) that provides financial and legal advantages.

These advantages typically include:

• greater privacy (see also bank secrecy, a principle born with the 1934 Swiss Banking Act)
• less restrictive legal regulation
• low or no taxation (i.e. tax havens)
• easy access to deposits (at least in terms of regulation)
• protection against local political or financial instability

Since the offshore bank account is a key component of any asset protection structure we must be diligent to make sure your assets are secured in a solid bank in a stable jurisdiction. There should be tight bank secrecy laws that incorporate serious penalties like prison, fines and the ability for you to sue the bank for any violations.

Banks have deep pockets and do not want to be sued so they will be diligent to comply with bank secrecy under those terms and conditions.
The jurisdiction should not be a Caribbean Island since they are subject to hurricanes and this could mean a loss of communication between you and your bank at a critical time when you need to access your funds.
The banks should have people that communicate with you in a language you can understand.
There should be a good online banking platform available for your use, which allows for the launching of international wire transfers. You should be able to get some sort of a Visa or ATM card that allows you to access ATM machines worldwide. Click here to read more about offshore banking